. >> they're hedging their bets. >> they're hedging their bets and giving broad guidance. >> inventory reductions and production levels will continue to decline at least for 2013. you look at the backlog, $19.6 billion at the end of the fourth quarter versus $23 billion at the end of the third quarter. so from 23 down to 19.6. so there's -- what you're seeing here is that cat pymer doesn't have as much visibility as a lot of other companies. and it's dependent on what we don't know. >> and that's important because for us to get that pickup in job growth in the u.s., that we need to see the fed start to move towards exiting qe we need to have companies a lot more confident than things you can drive a truck through. even at caterpillar. >> if you look at the long-term, it's as high as 117 or so, and then it traded as low as down in the mid 60s back in 2011. kind of in the middle of a recent range. just a one-year chart that you're looking at there. sort of almost a wait and see picture on the chart. >> we're waiting to see if jobs can get momentum. waiting to see if we can get legs to th